We estimate that almost one in three individuals have seen their credit scores drop in recent years. As cruel as that statistic sounds, the unfortunate part is that credit bureaus will often report negative items (including delinquencies, judgments, and bankruptcies) for as long as seven to ten years. That is a very long time for over 33% of US population to be classified as “high risk” borrowers. If all of these individuals were denied credit completely (and our estimate is a modest 33%), whom would banks lend to?

Fortunately, the credit market is taking note of the alarmingly high statistic that is plaguing both individuals and businesses and lenders are adjusting their policies accordingly. This often means that a percentage of individuals (even those with bad credit) may be approved for credit. Let’s call this category bad credit credit cards (excuse the redundancy).

Untitled Document

Type

Brand

Type

Loan Amount

Credit Level

Details/Apply

100DayLoans -- Pay Day Loans, Up to $1,500 in One Hour

100Day
Loans

PayDay Loans, Personal

Up to $1,500

All Credit Scores, Good, Bad Credit OK

PayDayMax -- Pay Day Loans, Up to $1,500, Fast Cash, Up to 30% Off Initial Fees

PayDay
Max

PayDay Loans, Personal

Up to $1,500

All Credit Scores, Good, Bad Credit OK

Auto Loans -- One Application, Up to Four (4) Lenders Respond with Loan Offers

myAutoloan

Auto Loans

See Terms

Good Credit Preferred

Prosper-- Peer-to-Peer Loans for a Variety of Needs (Personal, Debt Consolidation Loans, Home Improvement, Autos, Small Business Investment, Wedding Expenses, Major Purchases, etc)

Prosper

Variety of Loans

See Terms

Discover Credit Card

Discover(R)

$0

0% Intro APR*

Upto 20%* Cashback when you shop through Discover.com

Bad credit credit cards come in two broad varieties -- secured bad credit credit cards and unsecured. The former often requires some form of collateral, while the latter does not require any form of security.

Why bad credit credit cards are important?

Well, for one, they provide one with much-needed financial flexibility. But even more important is the fact that this category of credit cards provide individuals with an opportunity to rebuild their credit and strive toward a stronger financial future.

If you make your payments on time and stick to other terms, chances are that your credit score will start improving slowly over a period of time. Remember, it is not just your score, but rather the overall picture presented by your credit report that matters.

Here are some tips you may want to consider when applying for credit cards for bad credit:

Check out multiple providers. Remember, the more you compare, the better off you are. Reviewing offers from multiple credit card providers can not only save you money, you can even benefit from other perks such as cash advances, travel miles, and others.

Review the terms in detail. The fine print could cost you dearly, especially if you are caught off-guard on key terms. Don’t dismiss the legalese simply because it is boring. You may call it common sense but a vast majority of individuals do not even bother to read contracts, especially those associated with credit card applications. Don’t be one of these individuals.

Determine your spending patterns and needs. Are you one of those individuals who loves gallivanting across the globe? If so, a credit card that offers travel miles may be best for you. Are you Mr. Cash Lover who would rather have extra cash in the bank rather than stack up travel points? If so, a credit card that offers cash back rewards (and these could be as high as 5%) may be a better option for you.

A credit card isn’t just a credit card these days. With so many reward options and varieties, choosing the right card can offer benefits of its own.

Thank you for visiting us. Do consider visiting DontSpendMore.com to compare and save on credit cards, cell phones, loans, long distance, mortgages, Internet access, and more.